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Need an FHA mortgage after doing a short sale 12 months ago? Do we need to wait 24 months to buy?

  • September 20 2009 - Warwick
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Answers (5)

Yes, an exception will only shorten the term to 24 months before most will consider.  Good luck to you.
  • September 22 2009
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Profile picture for stephb13

Thanks, Bob!  We did have extenuating circumstances with documentation to back it up but we have been told by Bank of America that we need to wait 24 months before they will consider a manual underwrite because of having a couple of late payments which shows on the credit.  Our credit scores our 670+
Thanks

  • September 22 2009
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fha on a short sale may give you an exception and do it in 2 years.  But remember it is from the date that the short sale was fully completed.  I recommend sending your paperwork in advance and getting an approval before you go buy something if your at the 2 year mark.
  • September 20 2009
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FHA guidelines are three years for foreclosures and short sales.  You may get an exception for less than three years if there was an extenuating circumstance.

  • September 20 2009
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FHA guidelines are three years for foreclosures and short sales.  You may get an exception for less than three years if there was an extenuating circumstance.

  • September 20 2009
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